Section 38(2)

In Part 4 of Schedule 1ZA (miscellaneous provisions relating to Financial Conduct Authority), after paragraph 27 insert— This paragraph applies where the FCA issues a relevant consultation. For the purposes of this paragraph the FCA issues a relevant consultation if it— publishes a draft of proposed rules under section 138I, publishes a proposal under a duty imposed by another provision of this Act or by any other enactment, or publishes other proposals about the exercise of any of its general functions. The FCA must, as soon as reasonably practicable after issuing the consultation, notify in writing the chair of each relevant Parliamentary Committee that the consultation has been issued. The notification must specify the parts of the consultation (if any) that address the ways in which the proposals subject to consultation— advance the FCA’s operational objectives, are compatible with the FCA’s strategic objective, demonstrate that the FCA has had regard to the regulatory principles in section 3B when preparing the proposals, and engage with matters to which the FCA must have regard under regulations made under section 138EA. The reference in sub-paragraph (4)(a) to the FCA’s operational objectives includes, in its application as a secondary objective, the competitiveness and growth objective (see section 1EB). The notification must also specify any other part of the consultation which the FCA considers should be drawn to the attention of the relevant Parliamentary Committees. References in this paragraph to the relevant Parliamentary Committees are references to— the Treasury Committee of the House of Commons, the Committee of the House of Lords which— is charged with responsibility by that House for the purposes of this paragraph, and has notified the FCA that it is a relevant Parliamentary Committee for those purposes, and the Joint Committee of both Houses which— is charged with responsibility by those Houses for the purposes of this paragraph, and has notified the FCA that it is a relevant Parliamentary Committee for those purposes. References in this paragraph to the Treasury Committee of the House of Commons— if the name of that Committee is changed, are references to that Committee by its new name, and if the functions of that Committee (or substantially corresponding functions) become functions of a different Committee of the House of Commons, are to be treated as references to the Committee by which the functions are exercisable. Any question arising under sub-paragraph (8) is to be determined by the Speaker of the House of Commons. This paragraph applies where— the FCA issues a public consultation, and a Committee of the House of Commons or the House of Lords, or a joint Committee of both Houses, has provided to the FCA representations in response to the consultation. For the purposes of this paragraph, the FCA issues a public consultation if it publishes the draft of any proposals for the purpose of bringing them to the attention of the public (whether or not under a duty to do so imposed by an enactment). The FCA must give to the chair of the Committee concerned a written response to the representations. The duty to respond imposed by sub-paragraph (3) applies only so far as the FCA would not be under a corresponding duty to do so imposed by another enactment. The FCA is not required under sub-paragraph (3) to provide any information whose publication would in the opinion of the FCA be against the public interest.

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Source: legislation.gov.uk · retrieved 2026-09-04